From: Eileen Alexanderson

From: Eileen Alexanderson To: 'jeffrey epstein' <[email protected]> Subject: Empire valuation for GRATs Date: Thu, 12 Jul 2012 22:12:43 +0000 Attachments: img-712175354-0001.pdf Jeffrey, I have bound books from Empire for the valuation work they did for the various Apollo entity ownership Leon contributed into the GRATs. I can send the stack of them to you if you'd like but I think what you are trying to get at is the methodology used. The attached was a draft version of one of them which I scanned for you. You will see they did use projections in valuing the entities. I have assignment documents from two years later when the GRATs terminated and poured into the 2006 Trust. No mention of Leon taking income but I'm not sure where that would be. In this draft Apollo Mgmt VI was valued at $45mil. You will see on the page I scan to you next the entity ownership was ultimately valued at $49.2mi1. Let me know if you want all the books and I will messenger them up to you. Original Message From: NY_730_11_XRX_COPYROOM [mailto: Sent: Thursday, July 12, 2012 5:54 PM To: Eileen Alexanderson Subject: Scan from a Xerox Color Please open the attached document. It was scanned and sent to you using a Xerox Color. Number of Images: 66 Attachment File Type: PDF Device Name: NY 730 11 XRX COPYROOM _ _ _ _ Device Location: For more information on Xerox products and solutions, please visit http://www.xerox.com/ This email and any files transmitted with it are confidential and intended solely for the person or entity to whom they are addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon this information by persons or entities other than the intended recipient is prohibited. If you have received this email in error please contact the sender and delete the material from any computer. Apollo Global Management, LLC EFTA00646811